MIC

Kỹ nghệ Khoáng sản Quảng Nam ·HNX ·2026Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE −8.17%

Price

10,600

Latest close

03 Jun 2026

P/E -9.72x

P/B 1.08x

EPS -1,090

BVPS 9,779

ROE -13.2%

ROA -6.7%

Profit Margin -6.5%

Asset Turnover 1.03x

Equity Mult. 1.97x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a Năm 2025 basis, MIC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 189bn
	                                
−17.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
−85.9%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.77x
	                                
negative cash flow vs profit

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24
Revenue	26.5	26.2	62.5	63.9	36.8	46.3
Growth	+1%	-58%	-2%	+74%	-21%	—
Net Income	-9.3	-7.0	0.3	4.3	1.6	1.2
Net Margin	-35.19%	-26.74%	0.47%	6.79%	4.22%	2.50%

Drivers of MIC's profit

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Administrative expenses ↓ 1.3bn

Gross profit ↓ 13.6bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -6.53% −3.8pp

Gross Margin 4.58% —

SG&A / Revenue 9.20% —

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at -8.17%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently -8.17% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -8.17% —

NOPAT Margin -5.43% —

Capital Turnover 1.50x —

Average Invested Capital 119.1bn —

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.62x equity, net debt at 0.23x equity.

Over the last 12 months, working capital released 30.7bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +29.2bn

Inventories decreased → higher CFO: +6.3bn

Payables decreased → lower CFO: −4.8bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.23x and interest coverage only at -3.15x.

At present, short-term debt accounts for 57.6% of total debt, cash equals 0.6% of debt, and total debt stands at 19.8bn.

Watchpoints

Interest coverage is thin

Interest coverage is -3.15x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 0.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.23x −0.21x

Interest Coverage -3.15x —

Cash / Debt 0.6% −3.9pp

Short-term Debt / Total Debt 57.6% −36.7pp

CFO / NI -1.77x —

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 15.2bn in 2025, against investing cash flow of 0.0bn.

Post-investment cash flow was positive +15.2bn. Financing cash flow was negative +11.9bn.

CFO / net income was -1.77x.

After spending +4.1bn on fixed-asset investment, the business generated trailing free cash flow of +16.6bn.

Cash Conversion

CFO TTM 20.7bn —

Cash Capex 4.1bn —

FCF TTM +16.6bn —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at -8.2%. The next watchpoint is effective tax rate looks unusual, with effective tax rate at 1.3%.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022
Revenue	189.4	230.4	180.4	150.1
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	189.4	230.4	180.4	150.1
Cost of Goods Sold	164.4	183.6	137.4	103.1
Gross Profit	25.0	46.8	43.0	47.0
Financial Income	1.8	1.4	0.9	1.3
Financial Expenses	3.4	3.6	3.2	2.1
Interest Expense	3.4	3.6	3.1	1.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	3.6	4.9	10.0
General and Administrative Expenses	19.9	23.2	17.5	17.0
Operating Profit	3.5	17.8	18.3	19.3
Other Income	0.1	0.0	0.5	4.4
Other Expenses	1.3	0.8	3.3	5.1
Other Profit	-1.1	-0.8	-2.7	-0.7
Profit Before Tax	2.3	17.0	15.6	18.5
Current Income Tax Expense	0.7	6.0	4.4	5.1
Deferred Income Tax Expense	0.1	0.5	0.5	0.3
Net Income	1.5	10.4	10.8	13.1
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	1.5	10.4	10.8	13.1
Earnings per Share	172.00	1,892.00	1,952.00	2,376.00
Diluted EPS	170.96	1,881.82	1,941.43	2,363.47

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	41.4	53.9	45.8	47.8
I. Cash and cash equivalents	6.2	2.8	0.8	7.9
1. Cash	5.3	1.9	0.8	7.9
2. Cash equivalents	0.9	0.9	0.0	0.0
II. Short-term financial investments	3.0	2.8	2.8	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	3.0	2.8	2.8	0.0
III. Short-term receivables	27.7	42.6	32.5	32.1
1. Short-term trade accounts receivable	21.3	36.9	23.4	14.6
2. Short-term prepayments to suppliers	5.4	5.9	7.3	14.4
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	4.2	3.1	3.4	4.7
7. Provision for short-term doubtful debts (*)	-3.2	-3.3	-1.5	-1.5
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	3.8	3.1	6.7	7.1
1. Inventories	4.8	4.2	6.7	7.1
2. Provision for decline in value of inventories	-1.0	-1.1	0.0	0.0
V. Other short-term assets	0.8	2.7	3.0	0.6
1. Short-term prepayments	0.3	1.3	1.0	0.6
2. Value added tax to be reclaimed	0.0	0.0	0.4	0.0
3. Taxes and other receivables from state authorities	0.5	1.4	1.5	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	109.6	120.4	121.3	89.2
I. Long-term receivables	42.7	47.7	41.6	16.4
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	42.7	47.7	41.6	16.4
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	52.4	59.6	64.6	28.0
1. Tangible fixed assets	30.2	34.3	36.0	23.9
- Cost	107.6	107.1	104.6	89.8
- Accumulated depreciation	-77.4	-72.9	-68.5	-65.9
2. Financial leased fixed assets	22.2	25.4	28.5	4.1
- Cost	30.2	30.2	30.2	4.3
- Accumulated depreciation	-8.0	-4.8	-1.6	-0.2
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	0.7	0.7	0.7	0.7
- Accumulated depreciation	-0.7	-0.7	-0.6	-0.6
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	6.4	4.0	6.3	35.2
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	6.4	4.0	6.3	35.2
V. Long-term financial investments	—	0.0	1.4	1.4
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	1.6	1.6	1.6	1.6
4. Provision for diminution in value of long-term investments	-1.6	-1.6	-1.6	-1.6
5. Held to maturity investments	—	0.0	1.4	1.4
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	8.1	9.1	7.4	8.2
1. Long-term prepayments	8.1	9.0	7.4	8.2
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	151.0	174.4	167.1	137.0
A. LIABILITIES (300=210+330)	57.8	82.5	85.6	66.3
I. Short -term liabilities	46.7	76.9	74.6	63.1
1. Short-term trade accounts payable	15.3	10.4	14.6	11.4
2. Short-term advances from customers	0.1	0.1	5.9	7.2
3. Taxes and other payables to state authorities	1.6	9.6	4.4	6.9
4. Payable to employees	2.3	2.1	2.3	2.9
5. Short-term acrrued expenses	3.3	12.9	4.0	5.1
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	0.6	0.6	0.1	0.3
10. Short-term borrowings and financial leases	23.5	40.7	41.2	25.9
11. Provision for short-term liabilities	0.1	0.4	2.2	3.4
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	11.1	5.6	11.1	3.3
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	9.3	4.0	10.0	2.6
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	1.8	1.6	1.1	0.6
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	93.2	91.9	81.4	70.7
I. Owner's equity	93.2	91.9	81.4	70.7
1. Owner's capital	85.8	55.4	55.4	55.4
- Common stock with voting right	85,777,700,000.00	55,449,460,000.00	55,449,460,000.00	55,449,460,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	-0.1	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	-413,094,230.00	-413,094,230.00	-413,094,230.00	-413,094,230.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	0.4	0.4	0.4	0.4
11. Undistributed earnings after tax	6.3	35.2	24.8	14.0
- Accumulated retained earning at the end of the previous period	4.9	24.8	14.0	0.9
- Undistributed earnings in this period	1.5	10.4	10.8	13.1
12. Reserves for investment in construction	1.2	1.2	1.2	1.2
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	151.0	174.4	167.1	137.0

Item	2025	2024	2023	2022
Profit Before Tax	2.3	17.0	15.6	18.5
Depreciation of Fixed Assets and Investment Property	7.7	7.5	7.4	3.9
Provision (Increase)/Reversal	-0.6	1.2	-1.3	1.7
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.8	-1.4	-0.6	3.1
Interest Expense	3.4	3.6	3.1	1.9
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	11.0	27.8	24.2	29.1
Increase/(Decrease) in Receivables	20.5	-18.0	-13.9	2.2
Increase/(Decrease) in Inventory	-0.6	2.5	0.4	2.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.8	3.0	-20.5	11.2
Increase/(Decrease) in Prepaid Expenses	1.1	0.1	0.4	-2.4
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-3.4	-3.6	-3.1	-1.9
Corporate Income Tax Paid	-6.7	-4.3	-5.1	-5.7
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	15.2	7.6	-17.6	35.2
Payments for Fixed Assets and Other Long-term Assets	-1.9	-1.4	-8.0	-38.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	12.3	1.3
Loans and Purchases of Debt Instruments	—	0.0	-2.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	2.1	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	1.9	0.1	0.1	0.1
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	0.9	1.6	-37.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	112.9	92.7	72.7	48.8
Repayment of Borrowings	-119.4	-93.3	-61.1	-49.2
Repayment of Finance Leases	-5.4	-5.8	-2.7	-0.4
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-11.9	-6.4	8.9	-0.7
Net Cash Flow During the Period	3.4	2.0	-7.1	-2.7
Cash and Cash Equivalents at Beginning of Period	2.8	0.8	7.9	10.6
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.2	2.8	0.8	7.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24
Revenue	26.5	26.2	62.5	63.9	36.8	46.3
Revenue Deductions	—	—	—	—	—	0.0
Net Revenue	26.5	26.2	62.5	63.9	36.8	46.3
Cost of Goods Sold	31.9	31.1	55.3	52.7	28.5	36.5
Gross Profit	-5.3	-4.9	7.2	11.2	8.3	9.8
Financial Income	0.4	0.4	0.4	0.5	0.3	0.3
Financial Expenses	0.5	0.8	0.9	0.9	0.7	0.9
Interest Expense	0.5	0.8	0.9	0.9	0.7	0.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0
Selling Expenses	—	—	—	—	—	1.5
General and Administrative Expenses	3.7	3.0	4.4	5.4	5.1	5.4
Operating Profit	-9.2	-8.4	2.3	5.4	2.8	2.4
Other Income	—	0.1	—	—	—	0.0
Other Expenses	0.1	0.2	0.8	0.2	0.1	0.1
Other Profit	-0.1	-0.1	-0.8	-0.2	-0.1	-0.1
Profit Before Tax	-9.3	-8.4	1.5	5.3	2.8	2.2
Current Income Tax Expense	—	-1.5	1.1	0.9	1.2	1.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-9.3	-7.0	0.3	4.3	1.6	1.2
Non-controlling Interest	—	—	—	—	—	0.0
Profit Attributable to Parent	-9.3	-7.0	0.3	4.3	1.6	1.2
Earnings per Share	-1,092.00	-820.00	35.00	787.00	281.00	210.00
Diluted EPS	-1,088.17	-816.92	34.49	782.39	279.61	208.90

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	36.3	42.2	71.8	76.0	70.6	63.3
I. Cash and cash equivalents	0.1	6.2	5.2	1.8	1.9	1.4
1. Cash	0.1	5.3	4.3	0.9	1.0	1.4
2. Cash equivalents	—	0.9	0.9	0.9	0.9	0.0
II. Short-term financial investments	—	2.8	2.8	2.8	2.8	2.8
1. Available for sale securities	—	—	—	—	—	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0
3. Held to maturity investments	—	2.8	2.8	2.8	2.8	2.8
III. Short-term receivables	26.3	28.0	52.3	47.9	51.3	41.7
1. Short-term trade accounts receivable	18.3	21.3	46.3	39.9	39.9	30.4
2. Short-term prepayments to suppliers	6.3	5.4	5.8	7.0	10.8	9.6
3. Short-term inter-company receivables	—	—	—	—	—	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0
6. Other short-term receivables	5.0	4.5	3.4	4.2	3.9	4.3
7. Provision for short-term doubtful debts (*)	-3.2	-3.2	-3.2	-3.3	-3.3	-2.6
8. Assets awaiting resolution	—	—	—	—	—	0.0
IV. Inventories	3.8	3.8	8.7	20.2	10.2	14.4
1. Inventories	4.8	4.8	9.7	21.1	11.1	15.2
2. Provision for decline in value of inventories	-1.0	-1.0	-1.0	-0.9	-0.9	-0.8
V. Other short-term assets	6.0	1.5	2.7	3.2	4.5	3.0
1. Short-term prepayments	5.1	1.0	2.6	3.2	4.4	3.0
2. Value added tax to be reclaimed	0.3	0.0	0.1	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.6	0.5	0.1	0.1	0.1	0.1
4. Government bonds	—	—	—	—	—	0.0
5. Other short-term assets	—	—	—	—	—	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	115.7	108.7	121.8	124.2	126.2	122.1
I. Long-term receivables	49.0	42.5	54.5	54.2	53.8	48.0
1. Long-term trade receivables	—	—	—	—	—	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0
3. Capital at inter-company	—	—	—	—	—	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0
6. Other long-term receivables	49.0	42.5	54.5	54.2	53.8	48.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0
II. Fixed assets	50.5	52.4	54.3	56.2	57.7	60.7
1. Tangible fixed assets	29.1	30.1	31.3	32.4	33.1	34.6
- Cost	107.6	—	—	—	—	106.5
- Accumulated depreciation	-78.5	—	—	—	—	-71.9
2. Financial leased fixed assets	21.4	22.2	23.0	23.8	24.6	26.2
- Cost	30.2	—	—	—	—	0.0
- Accumulated depreciation	-8.7	—	—	—	—	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0
- Cost	0.7	—	—	—	—	0.0
- Accumulated depreciation	-0.7	—	—	—	—	0.0
III. Investment properties	—	—	—	—	—	0.0
- Cost	—	—	—	—	—	0.0
- Accumulated depreciation	—	—	—	—	—	0.0
IV. Long-term assets in progress	8.6	5.4	4.9	3.9	4.0	3.9
1. Long-term production in progress	—	—	—	—	—	0.0
2. Construction in progress	8.6	5.4	4.9	3.9	4.0	3.9
V. Long-term financial investments	—	—	—	—	—	0.5
1. Investments in subsidiaries	—	—	—	—	—	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0
3. Investments in other entities	1.6	1.6	1.6	1.6	1.6	1.6
4. Provision for diminution in value of long-term investments	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6
5. Held to maturity investments	—	—	—	—	—	0.5
6. Other long-term investments	—	—	—	—	—	0.0
VI. Other long-term assets	7.5	8.5	8.1	10.0	10.7	9.0
1. Long-term prepayments	7.5	8.4	8.1	9.9	10.7	8.9
2. Deferred income tax assets	—	—	—	—	—	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0
TOTAL ASSETS (280=100+200)	151.9	150.9	193.6	200.2	196.9	185.4
A. LIABILITIES (300=210+330)	68.1	57.7	93.2	102.5	103.5	95.1
I. Short -term liabilities	57.8	46.6	90.6	99.8	99.3	88.4
1. Short-term trade accounts payable	33.8	15.3	14.7	14.4	20.3	17.9
2. Short-term advances from customers	3.6	0.1	0.1	0.0	0.1	0.4
3. Taxes and other payables to state authorities	4.2	1.6	8.3	10.6	20.3	13.7
4. Payable to employees	0.7	2.3	1.1	1.1	1.2	1.2
5. Short-term acrrued expenses	3.1	3.2	2.0	11.1	14.8	9.2
6. Short-term inter-company payables	—	—	—	—	—	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0
9. Other short-term payables	1.0	0.5	0.5	0.8	1.0	0.9
10. Short-term borrowings and financial leases	11.4	23.6	60.2	61.5	40.7	41.2
11. Provision for short-term liabilities	0.1	0.1	3.8	0.3	1.0	4.1
12.. Bonus and welfare fund	—	—	—	—	—	0.0
13. Price stabilization fund	—	—	—	—	—	0.0
14. Government bonds	—	—	—	—	—	0.0
II. Long-term liabilities	10.2	11.0	2.6	2.7	4.1	6.7
1. Long-term trade payables	—	—	—	—	—	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0
8. Long-term borrowings and financial leases	8.4	9.3	0.9	1.0	2.5	5.1
9. Convertible bonds	—	—	—	—	—	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00
11. Deferred income tax liabilities	1.8	1.8	1.7	1.7	1.7	1.6
12. Provision for long-term liabilities	—	—	—	—	—	0.0
13. Fund for technology development	—	—	—	—	—	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0
B. OWNER'S EQUITY (400=410+430)	83.9	93.2	100.3	97.8	93.4	90.2
I. Owner's equity	83.9	93.2	100.3	97.8	93.4	90.2
1. Owner's capital	85.8	85.8	85.8	55.4	55.4	55.4
- Common stock with voting right	85,777,700,000.00	85,777,700,000.00	85,777,700,000.00	55,449,460,000.00	55,449,460,000.00	55,449,460,000.00
- Preferred stock	—	—	—	—	—	0.00
2. Share premium	-0.1	-0.1	—	—	—	0.0
3. Convertible bond option	—	—	—	—	—	0.0
4. Other capital of owners	1.2	—	—	—	—	0.0
5. Treasury shares	-413,094,230.00	-413,094,230.00	-413,094,230.00	-413,094,230.00	-413,094,230.00	-413,094,230.00
6. Assets revaluation differences	—	—	—	—	—	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0
8. Investment and development fund	—	—	—	—	—	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0
10. Other funds from owner's equity	0.4	0.4	0.4	0.4	0.4	0.4
11. Undistributed earnings after tax	-3.0	6.3	13.3	41.1	36.8	33.6
- Accumulated retained earning at the end of the previous period	6.3	4.9	13.1	36.8	35.2	24.8
- Undistributed earnings in this period	-9.3	1.5	0.3	4.3	1.6	8.8
12. Reserves for investment in construction	—	1.2	1.2	1.2	1.2	1.2
13. Minority's interest	—	—	—	—	—	0.0
14. Financial reserves	—	—	—	—	—	0.0
II. Other resources and funds	—	—	—	—	—	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	151.9	150.9	193.6	200.2	196.9	185.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24
Profit Before Tax	-9.3	-8.4	1.5	6.5	2.8	13.6
Depreciation of Fixed Assets and Investment Property	1.9	1.9	1.9	1.9	1.9	5.8
Provision (Increase)/Reversal	-0.0	-3.7	-4.1	6.8	0.4	3.8
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	-0.3	0.0
Gain/Loss from Investment Activities	-0.4	-0.6	-0.3	-1.6	0.7	-1.0
Interest Expense	0.5	0.8	0.9	1.6	—	2.8
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0
Interest Income and Dividends	—	—	—	—	—	0.0
Amortization of Goodwill	—	—	—	—	—	0.0
Other Adjustments	—	—	—	—	—	0.0
Operating Profit Before Changes in Working Capital	-7.2	-10.0	-0.0	15.6	5.5	25.0
Increase/(Decrease) in Receivables	-4.4	34.6	-6.1	5.2	-13.1	-13.7
Increase/(Decrease) in Inventory	-0.0	5.0	15.4	-14.0	-6.9	-8.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	22.7	-2.3	-2.9	-22.4	20.8	14.3
Increase/(Decrease) in Prepaid Expenses	-4.3	2.3	0.1	3.5	-4.8	-3.5
Changes in Trading Securities	—	—	—	—	—	0.0
Interest Paid	-0.6	-0.8	-0.9	-0.9	-0.8	-2.8
Corporate Income Tax Paid	—	0.0	-0.7	-6.0	—	-4.3
Other Operating Receipts	—	—	—	—	—	0.0
Other Operating Payments	—	—	—	—	—	0.0
Net Cash Flow from Operating Activities	6.1	28.8	4.8	-19.0	0.6	6.5
Payments for Fixed Assets and Other Long-term Assets	-2.2	-1.5	0.0	-0.4	-0.0	-1.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	3.0	—	—	—	—	0.9
Investments in Other Entities	—	—	—	—	—	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0
Dividends and Interest Income Received	—	1.9	—	—	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0
Other Investing Receipts	—	—	—	—	—	0.0
Other Investing Payments	—	—	—	—	—	0.0
Net Cash Flow from Investing Activities	0.8	0.5	0.0	-0.4	-0.0	-1.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00
Share Repurchases	—	—	—	—	—	0.00
Proceeds from Borrowings	6.7	33.0	20.3	53.0	6.7	61.7
Repayment of Borrowings	-18.4	-59.8	-17.6	-35.1	-6.8	-62.1
Repayment of Finance Leases	-1.3	-1.3	-2.7	—	-1.4	-4.4
Dividends Paid	—	—	—	—	—	0.0
Other Financing Receipts	—	—	—	—	—	0.0
Other Financing Payments	—	—	—	—	—	0.0
Net Cash Flow from Financing Activities	-13.0	-28.2	-1.4	19.3	-1.5	-4.9
Net Cash Flow During the Period	-6.1	1.0	3.3	-0.1	-0.9	0.6
Cash and Cash Equivalents at Beginning of Period	6.2	5.2	1.8	1.9	2.8	0.8
FX Difference from Revaluation	—	0.0	—	—	—	0.0
Cash and Cash Equivalents at End of Period	0.1	6.2	5.2	1.8	1.9	1.4

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MIC

What Is Changing

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Balance Sheet ●

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Cash Flow ●

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow